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Strike CEO Jack Mallers said JPMorgan Chase abruptly closed his personal bank accounts in September without providing a clear explanation, reigniting concerns about whether major banks are continuing to deny services to crypto industry figures.
The closure, which Mallers disclosed on X, came with only a vague reference to “concerning activity” and obligations under the Bank Secrecy Act, despite his family’s longstanding relationship with the bank.
Mallers disclosed the episode on X, writing: “Last month, J.P. Morgan Chase threw me out of the bank. It was bizarre… Every time I asked them why, they said the same thing: ‘We aren’t allowed to tell you.’” — Jack Mallers, CEO of Strike
The revelation has triggered widespread debate about whether America’s largest banks are truly ending politically motivated account restrictions or simply rebranding them under new legal language.
The incident gained even more traction after Mallers published a letter from JPMorgan stating that unspecified “concerning activity” had been detected during routine monitoring.
The bank cited obligations under the Bank Secrecy Act, warning Mallers that he might not be eligible to open new accounts in the future.
UA former Treasury Department official who requested anonymity told reporters:
“Whenever a bank uses vague terms like ‘concerning activity’ without elaboration, it raises red flags about whether the justification is compliance-based or politically influenced.”
The controversy comes only weeks after former President Donald Trump signed an executive order prohibiting U.S. banks from debanking customers solely for involvement in crypto-related businesses or speech.
The order was meant to ensure that the type of Strike CEO Account Closure Mallers is facing would no longer happen without rigorous justification.
The Strike CEO Account Closure has revived talk of “Operation Chokepoint 2.0,” an alleged effort under the Biden administration to isolate crypto firms from banking access — a claim federal regulators continue to deny.
Mallers and JPMorgan CEO Jamie Dimon have a long history of clashes, primarily over Dimon’s repeated criticisms of Bitcoin.
In a previous interview with Yahoo Finance, Mallers dismissed Dimon’s anti-Bitcoin commentary, saying:
“What do I think about Jeffrey Epstein’s banker criticizing decentralized money from a ski resort in Davos? I don’t really care.” — Jack Mallers on Jamie Dimon
This history has led some industry analysts to speculate whether the Strike CEO Account Closure was simply a compliance decision or something more personal or political.
JPMorgan has not commented publicly on the Strike CEO Account Closure, but banks have historically defended similar actions by pointing to AML (anti-money-laundering) rules and enhanced risk standards for digital-asset clients.
A spokesperson for a major U.S. bank, speaking to CNBC on background, said:
“Crypto entities come with unique compliance risks, and banks must follow federal guidance. Any account termination is based strictly on risk assessments, not ideology.”
Crypto firms disagree, arguing that vague compliance language is often used to mask broader de-risking mandates from regulators.
Many point to past account shutdowns at Silvergate, Signature Bank, and other crypto-friendly institutions as evidence that debanking continues under a different name.
The Strike CEO Account Closure has therefore become a new flashpoint in a long-running battle between the crypto ecosystem and traditional financial institutions.
Whether the Strike CEO Account Closure stemmed from compliance concerns or political motivations, one thing is clear: the episode has reignited debate over financial discrimination, regulatory overreach, and the future of crypto banking access in the U.S.
As the industry awaits formal comment from JPMorgan, lawmakers and analysts are already calling for greater transparency into account closures like this one.
For now, the Strike CEO Account Closure continues to send shockwaves through the digital-asset world — and may yet become a defining test case for banking fairness in the crypto era.
